09 Oct 2025
#2 October 2025: North American Aviation Newsletter
American Airlines and Porter Airlines Celebrate New Partnership
American Airlines and Porter Airlines have launched a new codeshare partnership, expanding connectivity between the U.S. and Canada. Porter will place its code on select American Airlines’ transborder and domestic flights, providing travellers from Canada with extended access to destinations across the Caribbean, Central America, and South America.
Anmol Bhargava, SVP Global Alliances at American Airlines, said:
"This partnership puts customers at the forefront, and we look forward to providing even more seamless transborder travel options together."
Ashland Place Prices Second Aviation Loan Asset-Backed Securitization
Ashland Place Finance has priced APL Finance 2025-1, its second aviation loan ABS, valued at $414.4 million. The deal is backed by a static pool comprising loan facilities tied to 13 narrowbody aircraft, eight freighters, two widebodies, and three narrowbody engines. The portfolio spans 15 lessees across 13 jurisdictions.
Jennifer Villa, Executive Director and Group Head, said:
"We are incredibly proud to be issuing our second – and largest – aviation loan ABS in just under two years... This transaction underscores our deep experience in aviation lending."
ACG Delivers One A321neo to Wizz Air
Aviation Capital Group (ACG) has delivered another A321neo aircraft to Wizz Air as part of a multi-aircraft sale-leaseback deal. The aircraft is powered by Pratt & Whitney GTF engines, known for their high fuel efficiency. This marks the ninth aircraft in the ongoing delivery programme.
HALO AirFinance Completes Eighth and Final Loan for Crestone Air Partners
HALO AirFinance has closed its eighth and final loan with Crestone Air Partners and Blue Owl Capital, supporting the acquisition of a CFM56-7B engine leased to a European airline.
Marc Cho, Co-Head and Managing Director at HALO, said:
"We’ve proven the value of providing flexible capital solutions that unlock opportunities and drive sustainable growth in the aviation sector."
Acumen’s Take
On the American–Porter Partnership
This partnership is a smart alignment of complementary networks. For Porter, it unlocks vital southern and Latin American routes, while American gains better penetration into key Canadian markets. It underscores a broader trend of regional carriers leveraging global partnerships to punch above their weight and serve transborder premium and leisure traffic more effectively.
On Ashland Place’s Second ABS
Ashland Place’s return to the ABS market with an upsized and oversubscribed transaction reflects strong investor appetite for aviation debt. The diversified collateral—freighters, narrowbodies, and engines—adds resilience and flexibility, catering to varying risk profiles. It also signals growing maturity in aviation lending structures post-COVID.
On ACG’s Delivery to Wizz Air
The latest delivery reinforces ACG’s ongoing support of Wizz Air’s ultra-low-cost model and sustainability ambitions. The GTF-powered A321neo is central to Wizz Air’s high-density, low-CASK fleet strategy, especially as the carrier expands deeper into Eastern Europe and the Middle East.
On HALO’s Engine Financing Completion
Completing eight financings with Crestone and Blue Owl underscores HALO’s versatility in the aviation credit market. Single-engine financings like the CFM56-7B show the growing investor confidence in mid-life assets and the ongoing demand for flexible, engine-backed capital structures.
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